Ruffer Investment Share Discussion Threads

[hootza616] 16/12/2020 15:06

ARB is my largest holding.Will bag from current price, very undervalued.

[jonwig] 16/12/2020 14:55

GB - a calculation I don't feel competent to follow; but bitcoin mining seems to consume rather a lot of energy!

The logical consequence of widespread use (as an alternative currency) would be government taxation of transactions. If it's not a currency, what is it? Like gold, say. I prefer gold because of its physicality.

The last RICA statement suggested to me that they are pretty good traders in this "stupid" market and don't intend holding the crypto for very long.

[gb904150] 16/12/2020 14:32

Kind of, if you look at it purely from the energy intensity of POW blockchains.

But BTC and the distributed ledger technology (DLT) it introduced to the world paves the way to future transactions that are much faster, more energy efficient and with less friction.

Your comment would be a bit like saying 'the internet' is an ecological disaster because of all the server and computing power it uses. But that ignores the trillions of air miles, postage miles and general efficiency that it affords us.

So some of it depends on whether you are open to new technology and the opportunities it brings

The question is...are you?

[edwardt] 16/12/2020 13:58

bitcoin is an ecological disaster.

[gb904150] 16/12/2020 10:58

Already got some LSE:ARB and some CVE:HODL then?

[hootza616] 16/12/2020 09:14

I'm in here this morning.Adding anything that has exposure to BTC that I can hold in my ISA.

[pvb] 15/12/2020 23:33

Sounds pretty 'racy' to me! ;-)

[elmfield] 15/12/2020 15:32

2,5% exposure to bitcoin,I guess moving with the times.

[apollocreed1] 25/11/2020 01:13

RICA's choice of value/recovery stocks rather than the blue chips that Personal Assets hold is likely to have been very beneficial for their performance over the last few weeks.

[elmfield] 24/11/2020 21:28

Expecting asset price above 255p
next time we report, tomorrow?

[essentialinvestor] 30/7/2020 17:46

Yup, Lloyds off another near 8% today.

If LLOY need to tap shareholders for money next year, there is arguably considerable
downside left. Lloyds had around 5.5 billion shares in issue back in 1999,
now it's around 80 billion, from memory.

[zachariah] 30/7/2020 17:42

Maybe Jim and RICA will change their minds re LLoyds after today?!!

[zachariah] 30/7/2020 07:07

Jim Mellon of Master Investor said the following in his May Bulletin

I’ve been adding to stocks that will provide upside in the recovery, including financials, notably Phoenix Group (LON:PHNX) and RSA (LON:RSA) in the UK, and JP Morgan (NYSE:JPM) in the US. I already hold Lloyds Banking Group (LON:LLOY) in the UK, and HSBC (LON:HSBA) of everywhere. All should be good providers of dividends in the future, and investors should lock them away for five to 10 years and revisit then. They are hugely beaten up now – but this is not 2008 and there is not a financial crisis. As James Ferguson has said, this is a self-induced (by governments) shock to the world economy.

I guess it is just a case of the time scales each person works on.But if you buy now (and are not as old as me!) you can work on Jims timescale.

I agree that it doesn't explain why they bought them before now though.We are always told to cut our losses.

[jonwig] 30/7/2020 06:37

Yes, it's been mentioned a few times that their equity picks are a tad eccentric!

I wonder how LLOY would look if you stripped out their compensation payouts on PPI and dodgy business lending in such as the Reading branch?

[essentialinvestor] 29/7/2020 23:00

Lloyds is their largest single equity position, scratching my head on that one.


Lloyds has been an incredibly efficient destroyer of shareholder wealth for 20 years-
and counting.

[jimcar] 13/7/2020 14:20

Yes they have done well. I held this going into the crisis and sold out in April. I am not convinced about their equity strategy, prefer PNL's. Would PNL plus some BHMG do better in future?

[jonwig] 13/7/2020 10:59

Investment manager report for the year:



Impressive strategy.

[pvb] 24/6/2020 10:18

...But Scottish Mortgage (SMT) has been better! :-)
(So far)

[mister md] 01/5/2020 19:03

So, this share offering some protection after all ?

[slicethepie] 03/4/2020 14:24

Confused! I was assuming kiwi held Ruffer and was advocating buying more gold and linkers. Agree Rica are not stock pickers, I have known them since early days and they have made some howlers. It is not the sort of house that attracts stock pickers.For me it is time to buy risk and accept some will collapse but the winners will pay off many times ...however this will take time as many fast moving parts!

[jonwig] 03/4/2020 14:11

@ slice - pick the right stocks! (Not sure that RICA's banks are all that smart.)

Their scenario is something like stagflation, with countries reluctant to raise interest rates. Linkers and gold are safest, good stocks too if you get the right ones.
(I'd go for staples like ULVR and healthcare.)

[slicethepie] 03/4/2020 12:31

Not sure of the logic of doubling up on the positions they are taking. I would think looking for stocks is more appropriate

[jonwig] 03/4/2020 10:04

maybe try the iShares £ Index-Linked Gilts UCITS ETF (INXG).